Published
1 year ago on
July 11, 2022
Bitcoin (BTC/USD) extended its recent pullback early in the Asian session as the pair failed to sustain recent gains and tested the 20546.77 level, representing the 50% retracement of the recent appreciating range from 18603 to 22490.54. Stops were elected below the 21005.50 area during the move lower, representing the 38.2% retracement of the same appreciating range, and additional related downside price objectives include the 20088, 19520, and 19434 areas. After moving below some important short-term price retracement levels, Stops were triggered below its 200-hour simple moving average. If BTC/USD is able to reclaim some recent positive momentum, upside retracement levels and areas of potential selling pressure in recent depreciating ranges include the 22940, 24209, 25778, 26014, 26208, 28429, and 28557 areas.
Technical support and areas of potential buying power are around the 20088, 19520, and 19434 areas. Downside risks persist with one price objective being the 16990.14 area that is related to historical selling pressure around the 48240 level. Traders are also eyeing the 14500.15 area as potential technical support, a level that represents the 50% retracement of a historic upside range from 3858 to 31717.02. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and above the 100-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 20526.24 and the 200-bar MA (Hourly) at 20488.24.
Technical Support is expected around 16990.14/ 14500.15/ 10432.73 with Stops expected below.
Technical Resistance is expected around 24365.11/ 27455.20/ 32383.96 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
Disclaimer: This trading analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
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